How to create vacuum packaging?
On the left, a shrinkwrap modifier is used, and this is both shrinkwrap and cloth simulation on the right.


The left one


It is a UV sphere, rotated so that the poles are at the sausages extremities, scale to be close to the target and subdivided in order to fit the target more accurately. The idea is to create a surrounding shape so that it helps the modifier to project the vertices correctly.

Then a shrinkwrap with a little offset and set to 'nearest surface point'. 

As you can see below, the gap between the two sausages is composed of stretches faces.




The right one


It uses both shrinkwrap and cloth simulation.

The shrinkwrap is this time set to 'project' and uses a vertex group: here we want to shrink/project only the needed parts:



The shrinkwrap is only here in order to level up some part of the mesh as if not the flat film may cut the sausages. But you can also sculpt/shift it up manually to avoid the modifier.

The cloth simulation uses a pin group and sausages are collision object:



After animation we obtain this shape:



Though, the blend file here uses Cycles and not Blender Render (as I don't know it enough). But I think the question was mainly about the film's shape.